Selling gold on credit
Machine translationRead the Arabic original
The questioner:
There is currently among some gold sellers an un-Islamic phenomenon, which is selling gold on credit without paying the seller in silver or paper currency. We ask for your guidance.
The Shaykh:
This is what is permissible; this is blameworthy.
The questioner:
Clarifying the evidence for the methodology.
The Shaykh:
It is not permissible to sell gold on credit, nor silver on credit, nor paper money on credit. The Prophet (peace and blessings be upon him) saidSunan Ibn Majah 2253Sahih (Darussalam), and he (peace and blessings be upon him) said So whoever increases or demands an increase has committed riba (usury or interest). It is obligatory to sell it in paper money as well; this is known paper money. Because there is no standing of gold with silver, it must be hand-to-hand. If he sells gold for silver, or gold for a dollar, or a British pound, or dinars, it must be hand-to-hand. It is not sold on credit, because it is like gold for silver, equally.
There is currently among some gold sellers an un-Islamic phenomenon, which is selling gold on credit without paying the seller in silver or paper currency. We ask for your guidance.
The Shaykh:
This is what is permissible; this is blameworthy.
The questioner:
Clarifying the evidence for the methodology.
The Shaykh:
It is not permissible to sell gold on credit, nor silver on credit, nor paper money on credit. The Prophet (peace and blessings be upon him) said
Exchanging gold for gold is usury unless it is done on the spot.
الذهب بالذهب ربا إلا هاء وهاءGold for gold, hand-to-hand, hand-to-hand, equal in measure, equal in quality, and silver for silver, hand-to-hand, equal in measure, equal in quality,
الذهب بالذهب يدا بيد، يدا بيد، مثلا بيد، سواء بسواء، والفضة بفضة يدا بيد، مثلا بيد، سواء بسواء،
Source
ندوات الجامع الكبير مع الأسئلة - 44 — archive.org (1:13:58)
The Arabic text is a machine transcription of the audio recording.